THE MUTUAL FUND & ETF GROUP PRESENTED BY: Gary Bradshaw PORTFOLIO MANAGER SATURDAY MAY 22 nd, 2010

The funds’ investment objectives, risks, charges and expenses must be considered carefully before investing. The prospectuses contain this and other important information about the investment company, and it may be obtained by calling or visiting Please read the prospectus carefully before investing. Mutual fund investing involves risk. Principal loss is possible. The funds invest in smaller companies, which involve additional risks such as limited liquidity and greater volatility. The funds invest in foreign securities which involve greater volatility and political, economic and currency risks and differences in accounting methods. The funds may also make short sales of securities, which involves the risk that losses may exceed the original amount invested. Quasar Distributors, LLC, Distributor (3/10) HODGES FUNDS 1

1989 – Founded by Don W. Hodges 1992 – Launched Hodges Fund (HDPMX) 2007 – Launched Hodges Small Cap Fund (HDPSX) 2009 – Launched 3 New Funds - Blue Chip 25 Fund (HDPBX) - Pure Contrarian Fund (HDPCX) - Equity Income Fund (HDPEX) ORGANIZATIONAL HIGHLIGHTS 2

INVESTMENT TEAM DONALD W. HODGES, HCM Founder, Chairman, and Portfolio Manager, began his investment career in 1960 with Merrill Lynch. In 1974, he joined what is now RBC Dain Rauscher, where he became president in Don brings nearly five decades of investment industry experience to our clients. Don earned a BS from West Texas State. CRAIG HODGES, HCM President and Portfolio Manager, entered the securities business in 1986 after graduating from Baylor University with a degree in finance. In 1989, Craig co-founded HCM and became president in Craig manages separate accounts and is co-manager of the Hodges Funds. ERIC J. MARSHALL, CFA, Senior Vice President, Portfolio Manager, and Director of Research, joined the Firm in Eric has developed the research department over the last decade into a strong team of analysts who conduct on-site visits and scrutinize company data. Eric has a BA in finance from West Texas A&M and is a CFA Charterholder. GARY BRADSHAW, Senior Vice President and Portfolio Manager, began working with Don Hodges in 1985 at RBC Dain Rauscher. He joined HCM in 1990 and specializes in structuring income portfolios. Gary earned an MBA from East Texas State University, and a BS from Virginia Tech. 3

INVESTMENT PROCESS The tactical approach is the same with all of our products. Our process focuses on identifying a few core holdings in each product. Once we have established those core holdings, then we will build a mixture of what we believe to be overlooked value, growth, and super growth companies. 4

STOCK SELECTION Our stock selection process is based on a long-term, bottoms-up investment strategy that is focused on fundamentally sound businesses that offer greater upside potential relative to downside risks. Although stock selection criteria will vary across our different fund strategies, the Hodges Mutual Funds are generally focusing on the individual stocks that exhibit the following characteristics: Strong balance sheets and ability to access capital Low cost production relative-to-peers High barriers to entry Ability to quickly leverage fixed costs once incremental demand returns High levels of tangible hard assets value relative to their market cap Exposure to new or emerging markets 5

Our research efforts are focused on fact gathering as opposed to opinion pieces. Our research analysts are “generalists.” They cover and report on several different types of companies as opposed to focusing on one sector and companies in that sector that may or may not be relevant at the present time. By doing this we avoid being stuck in sectors that may be stagnant for sometime. RESEARCH 6

Well capitalized business models with high barriers to entry. We typically invest in ideas based on an 18 month time horizon. Our job is to anticipate changes in the company's cycles and/or story. We are primarily interested in company cycles and secondarily in economic cycles. We also pay close attention to pricing power. BUY/MONITOR 7

Pricing Power = Margin Improvement = + ROE = Multiple Expansion Key Drivers of Pricing Power - Capacity Utilization - Barriers to Entry - Threat of Substitute Products and Services - Market Demand - Competition/Mergers Example: RAILROADS - Under-invested for years - Low cost provider of transportation services - Extremely high barriers to entry - Only 4 major railroads in the U.S - Demand: imports, coal, trucking partners, ethanol PRICING POWER ROE: A measure of a corporation's profitability that reveals how much profit a company generates with the money shareholders have invested. Multiple Expansion: Occurs when the multiple used to calculate values of the security increases. 8

WHEN TO SELL Overvalued on a relative basis. Story changes and no longer fits original investment thesis. Risk/reward scenario becomes unfavorable. 9

Performance as of 3/31/10 1 Year77.83% 3 Year* -8.37% 5 Year* 2.03% 10 Year* 2.36% Inception ( ) 9.26% Expense Ratio: 1.37% *Annualized Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling The fund imposes a 1.00% redemption fee on shares held less than 30 days. Performance date does not reflect the redemption fee. If reflected, total returns would be reduced. HODGES FUND (HDPMX) 10

Performance data quoted represents past performance and does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling The fund imposes a 1.00% redemption fee on shares held less than 30 days. Performance date does not reflect the redemption fee. If reflected, total returns would be reduced. Performance as of 3/31/10 First Quarter 8.45% 1 Year 92.40% Inception ( )* -2.81% Gross Expense Ratio 2.17% Net Expense Ratio (Contractually capped indefinitely) 1.40% HODGES SMALL CAP FUND (HDPSX) 11

Mayor T.L. Bradford Mansion 1906 Built 12